H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GCVSRNOfiS OF; THE' 'FEDERAL RESERVE SYSTEM •(Released for Publication Friday! morning, March. I9 I9U8) r H*lul March 18, 19^8 -COflDITlQET OF THE FEDERAL RBbERVS;BANKS , Pu'ri'ng the W$k e'rjded March 1^7 member bank reserve balances decreased $15,000,000.' Reductions in Member*. Taa&iK reserves arose from a decrease of $139,000,000 in Reserve Bank credit and an increase .of $78,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by decreases of . $86,000,000. in money, in circulation, $7k, 000,000 in Treasury ..deposits with Federal Reserve Banks and $6,000,QOQ in Treasury cash and 'an increase of $36,000,000 in gold stock*'1'' Excess reserve$ of member jbanks on Liarch 17 were estimated to be approximately $960,000,000. Holdings of loans, discounts and advances increased $67#OQO,6op IwhjLle United States'Government securities 'degreatsed $30$, 000,000; The decrease in hold ings of. United States Government securities reflects .decreases of ,$21$>COO,000 in bills and $117,000000 in bpads and increases of $59,000,000 in certificates and f $2,P00,000 annote<|/ * . i t- . . • . Changes in memberib'Arik reserve balances and related items'»durihg the week and the year ended March 17j I9U8, were as follows? ' Increase or decrease since fjarch 17t- March lbj Marcji I9, I9I18 ' 19U8 ..19U7 ' (In millions of dollars)' U. S' # Government s&curiti^S' 20,373 - 305' -2,038 Loans, discounts and advan.cp.sr 367- •* '67' + . 132 Other Reserve Bank credit'* UJU7 • + 99 +• ii6 Total* Reserve Bank credit 21,187 - 139 -1,860 Gold stock. *.'•'• 23,U9 + -36 +2,706 Treasury currency h, 5'59 + 2 Member, bank" reserve balances" 17,351. - 15 +l,k 08 Money in circulation \ 27,920; - 86 ,.-} 322 Treasury cash, 1,325 6 10 Treasury deposits' with'F* R« Banks 677 - 7U -. 36 Nonmember deposits* and. other* ;F«R#accounts 1,592 + 78 - 192 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

:•• STATEMENT - OF C OND IT I ON OF, THE T1IELV1 FEDERAL RE33KVS- BANKS COMBINED H.l»,l(a) (In thousands of dollars) Increase or decrease since Liar 6 h 17, March 10, March 19, 19U8 ,' I9I48 I9a7 A S S E TS II. II I..H,. .11 ,•,,»«• L. .. •<*• »•• ..III.-, Gold certificates 2l,22l|,170 + 35O>00 •+2,852,7u3 Redemption fund for/.F^ft* notfes ;' 636,14-7-1 - - ' 629 ' r. 135,8147 Total gold certificate reserves 21,860,6141 +3a»37i +2,696,896 Other cash . 36l4,3!07 •+ 9,033 •* 29,851 Discounts and advances 363,3,02 + 65,503 + 129033 Industrial loans ,3,602 + 1,511 + 2,562 U*S« Govt, securities? Bills "8,666001 -2)47,960 -6,152,9)47 Certificates- 14,289,725 + 58,700 -2,196,893 Notes 1,77a Ooo + 2,000 +l,l22,300 t Bonds ••5,61.42,7-03 -117033 +14,889,313 Total U. S^ Government', securities'•™', ." '"•w,'i 20,372,929 -300693 '., 038,227 Total loans and sec^ritp.es 2,0,739,333 -237,679 -1, ,906,232 Due from foreign banks < 7 F. R, notes of .other banks 121/798 + ..7,425 .7,293 + Uncollected items ,j3,lO6,301 +9146,806 557097 Bank*"; premises 32,836 3 60I4 Other assets 131,621 - 25,19a 90,99a .if TOTAL ASSETS lj6,637,932 +736,759' + 1;, 0/6,596 L,I A B I L I T. I E jS Federal Reserve notes ^3,91/4,287 - 76,a5i - 305038 Deposits: iviember bank-reserve arc|courit 17,350,679 - 15,569- 007,815 U*.S .-Treasurer-general Recount 677,263 - 73.079 35,292 Foreign 525,353 + a9O50 + 12,001 Othe:r ; a/31420 + - 2-,206 153,861 Total deposits 1.9,03.01415 - 37,392 +1., 230,663 Deferred availability ii^ems r •• 2,959,585 +8I47, 506 + 510,1409 Other liabilities,including-aoerued dividends .. D4,550 -- .. II4466II •• 2,863 TOTAL LIABILITIES 10,952,1337 ++773333,,220022 038097 C A P I T AL ACCjQ P^N T S Capital paid ift 197,700 ++•• 2277 6,799 Surplus (Section 7l 1.48,189 8,366 Surplus (Section 13b) 270U3 ++ 88 Other capital accounts 61,663 ++ 33,,553300 ++ 22,8a6 TOTAL LIABILITIES aNDCAPITAL ACCOUNTS 146,687,932 ++773366,,775599 076,596 Ratio of gold certificate reserves> to* deposit and F*R*. n6te liabilities combined 50.^ + .2% 50% Contingent liability £n<bills purchased for foreign correspondents li,i;2l t -. Iil3 a, 583 Commitments too make industrial loans 7 ,''563 353 6I42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(b) STATEMENT. OF CONDITION OJ THE FEDERAL, RESERVE BANKS OH MARCH 17,19I+8 (In thousands of dollars) A SS T S Total Boston New York Phila. Cleve. ^Rich, Atlanta Chicago StiLouis Minn. Kans.Cy. Dallas SanFran. Gold certificates 21,221;,170 757,^21 6,720^1901016,6571556.^381030,1891051,08911196*999 59J6.776' 1+21;, 659" 770,599 510,61+8 2792,005 Redemption fund for F.R. notes > 636,li71 55,710 71,702 58,96k 71+.1+10 58,387 :;. 39,116 98,560 l+£,265 22,695; 35,258 25,803 li9,603 { Total gold certificate reserves 21,366,6U1 813,631 6,791,392 1075,621 ll;50,8l;8 1088,576 1690,205 1+295,559 6^3,039 1+1+7,351+ 805,857 536,a5l 281+1,608 Other qasja',7. 561i,507 38,5Cli 68,159 25,681 57,552 21,5l;0 22,651 58,587 li+,789 8,201; 11,9214, ll+,787 l;2,5l+9 Discounts and advances 565,502 1U,685 121,176 ll+,76l 55,058 20,209 7,1;82 io6>556 8,526 1+,125 15,225^ 5,091 12,li08 Industrial loans 5,602 855 215 29 2, 505 U* S« Govt*-securities: Bills 8,666,1+01 582,590 2,078,01*7 619, Ol+l 850,8^8 562,851 l;3l+,l;73 1231,591 1+78,1+98 265,270 1+05,91+9 592,755 786,710 Certificates li,289,725 288,573 1,028,600 3 06,1; 15 Ui1,256 278,592 215,056 609,519 236,81+9 151,305 199,9^8 I9l+,li05 589,1+07 Notes l,77li»100 119,262 1+25,597 126,721; 170,085 115,217 88,91+1 252,078 97,953 51;, 505 82,695 80,1+01 161,01+8 Bonds 5,6lt2,705 579,325 1,353,018 1;P3,058. 51*0,966 366,u.6o .282,886 ,80.1,760 .311,551 172,717 265,012 255,722 512,228 Total U,S. Government se[QurTties ~~ 20,572,929:1569,550 44,885,062 11+55,238 1955,155 1525.100 1021,356 289li,7^8 1121|,851 625,595 9^9,602 925,281 131+9.593 Total loans and securities 20,739,853 156l*,235 5,006,238 11+70,851+ 1986,1+26 1315,538 1031.3M 5001,301; 1155,577 627,720 961+,827 928,572 1861,801 Due from f oreign 'banks 95 6 1/ 51 8 9 5 k 13 ,3 2 5 5 8 F*R» notes of other banks 121,798 .5,165 . 2:0,1*29 5,285 5,505 16,1+25 • 15,583 1-5,301 - 7,H3 5,558 5,282 5,091; 15,281; Uncollected items 3,lt.56,8,01 260,^27 695,521 228,650 560,026 288,089 220,295 586,575 132,008 75,792 I61+,2l4l 11+7,915 279,262 Bank premises 32,836- • 1,251 8,202 5,171 1,909 2,621; 1,553 3,056 1,961+ 1,205 2,1+39 789 1,701 Other assets 131,621 8,971 50,819 8,980 12,690 8,501 6,707 19,150 7,602 5,985 6,051+ 5.821 12,51;! TOTAL ASSETS: 1+6,68,7,952 2511,96a 12,621,291 28ie,2l;8 3837,91*5 2768,896 2388,559 7979,559 1939.895 1167,598 1960,627 1639,252 5051+.551+ l/After, deducting- $6h ,000 participations of- other Federal Reserve-Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EU.l(c) STATEMENT (F CONDITION OF THE FEDERAL BEtfEftVE BANKS ON MARCH 17, 19U8 L I A B I L I T I ES (In thousands of dollars) Total Boston New York Phila Cleve* Rich. Atlanta Chicago St Louis Minn Kans*Cy Dallas SariFran* # # # # Federal Reserve notes 23,9Hi,237 11*27,331; 5,i*81,978 1635,508 2o81,61*0 1651,398 1339*870 U5^0,321± 1099,166 616,138 928,800 59^,239 2517,892 Deposits: Mexaber bank-reserve acct, 17,350,679 738,569 5,521,759 839,361* 1257,021* ?49,440 753,691 2637,097 622,387 422,727 820,502 83P,344 2107,772 U.S.Treasurer-general acct. :.677*263- 32,820 183,2o6 30,027 83,565 52,862 25.96U 97,193 4o,942 28,850 26,176 36,424 39,216 Foreign 525,353 29,477 1/207,80it 37,811 42,945 22,873 19,139 63,485 16,805 11,670 16,338 15,871 1*1.-135 Other 1*81, l2o 2,678 liQ.9,356 1,059 8,574 7,386 1,519 4,793 5,415 1,684 2,226 500 35,930 Total deposits 19.03^,1*15 803,544 6,322,125 908,261 1392,106 832,561 800,336 2852,568 685,51*9 1*61*.931 865,242 883,139 2224,053 Deferred availability items 2,989,585- 233,245 587,167 21U.U59 294,809 246,665 216,028 484,770 126,832 66,579 138,512 131*. 7 0i* 245,815 Other liabilities including accrued dividends 14,550 882 3,652 890 1,602 764 644- 2,459 649 *65 600 655 1,288 TOTAL LIABILITIES 45,952,837 2465,005 12,394.922 2759.118 3770,157 2731,388 2356,878 7880,121 1912,196 1148,113 1933,154 1612,737 4989,048 Capital paid in 197,700 11,304 69,061 14,526 18,942 8,415 7,700 24,071 6,488 4,356 6,716 7,592 18,529 Surplus (Section 7) 1*1*8.189 28,117 138.596 35,550 42,173 21,210 19.110 66,217 16,972 1-1,233 16,148 14,111 38.952 Surplus (Section 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 -1,073 1.137 1,307 2,140 Other capital accounts 61,-663 4.531 11,393 , 4,765 5,667 4,534 3,689 7,701 3,718 2,823 3,1*72 3,485 5,685 TOTAL .LIABILITIES AND CAPITAL ACCOUNTS: 46,687,952 2311,968 12,621,291 2818,248 3837,945 2768,896 2385,339 7979.539 1939,395 1167.593 1960,627 1639,232 5054,354 ontingent liability on bills purchased for foreign correspondents 4,424 *79 2/1,416' 358 440077 217 181 602 159 111 155 150 589 0cmmitments to make industrial loans 7,563 — 1,032 1,579 129 - 16 - 344 580 — 3,750 133 F» R. notes outstanding; 24,791.293 1492,406 5.718,771 1682,032 2166,044 1710,690 1388,155 4619,233 1143,396 636,710 952,755 625,030 2656,071 Collateral for F.R. notes held by F. R. Agents: Gold certificates 13.339.000 460,000 4,470,ooo 550,000 735,000 625,000 675.000 2760,000 315,00c 200,000 260,000 169,000 2100,000 Eligible paper 112,738 5,802 74,l*4i 4,855 13,300 5,450 600 10,290 U.S.Govt, securities 12,700,000 1100,000 1500,000 1200,000 1500,000 1150,000 750,000 1900,000 950,000 450,000 700,000 500,000 1000,000 MATURITY DISTRIBUTION OF LOAKS AND SECURITIES Within 16 to 31 to 6 l to 91 days to 6 months 1 to 2 2 tc 5 Over 'otal 15 days , 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 363,302 230,922' 39,928 58,315 34,048 72 17 Industrial loans 3,602 3,382 — 23 21 141 4 19 U.S. Govt, securities 20,372,929 2,781,969 1,305,856 2,070,252 3,017,067 3,-536,229 2,137,867 1*45,359 5,078,330 l/ After deducting $317,424,000 participations of other Federal Reserve Banks. 2/ After deducting $3,008,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis